After hours trading saw Apple’s stock price rise after CEO Tim Cook stated during the company’s Q1 2022 earnings call that he sees considerable opportunity in the Metaverse industry.
Cook said during the Jan. 27 call that Apple sees “a lot of potentials” in the Metaverse, adding, “We’re investing appropriately.”
“We’re always exploring new and emerging technologies and I’ve spoken at length about how it’s very interesting to us right now.”
The Metaverse is a virtual universe that was partly made by users, with socializing, gaming, and even live shows. Although it may be accessed via a browser, the experience is enhanced when used with virtual reality (VR) or augmented reality (AR).
Apple prices rise with the metaverse
The price of APPL rose about 3% to $159.22 during regular trading hours, but it has since jumped 8% to $167.23 in after-hours trading after the call. The Metaverse was one of the subjects addressed on the call.
According to Appleinsider, Cook mentioned during the Jan. 27 conference that Apple already has a plethora of 14,000 applications on its App Store that have been created using ARKit, the AR developer platform. Users could use apps developed with ARKit to get access to the Metaverse.
Apple is placing its chips on AR technology, while Meta has tended to rely on the Oculus headset to bring users into the Metaverse. Apple’s headset was supposed to debut in 2022, but according to Bloomberg, it may be delayed due to technical difficulties.
Although Cook’s enthusiasm for the Metaverse, the headset under development is expected to be focused on gaming, communication, and content consumption.